Efforts to bring Formula 1 to Thailand have progressed with approval granted for a $1.3 billion project to secure an event from 2028. The Thailand cabinet approved plans to bid for the hosting rights for an event with discussions already underway with Formula One Group.

Thailand's cabinet has approved a bid to host a Formula 1 street race in Bangkok as early as 2028, officials said on Tuesday.

Thailand’s cabinet approved a proposal for Bangkok to host a Formula One race for at least five years starting in 2028, earmarking 41.4 billion baht ($1.3 billion) in an effort to boost the nation’s image as a venue for international events and luxury tourism.